ECB Governing Council member Escrivá warned that, despite an agreement to reopen
the Strait of Hormuz, complex energy-supply disruptions are likely to persist.
An Iran‑US agreement and investor bets that the three‑month conflict is winding
down have pushed oil prices lower, but Escrivá said risks are not removed and
markets still broadly expect further ECB rate hikes. He said: "It is unclear
whether markets fully reflect the supply disruptions that have occurred, how
large their impact will be, and how long it will take to restore production;
these questions remain uncertain and will continue to affect us for some time."
